Songwon, Qingdao JV build one pack systems plant in China

Songwon, Qingdao JV to build one pack systems plant in China

8:14 AM, 4th May 2015
Songwon, Qingdao JV to build one pack systems plant in China
Songwon enters into a joint venture with Qingdao Long Fortune Chemical & Auxiliary Co Ltd in China. Jiachang Huang, chairman, QLF (left) and Jongho Park, chairman and CEO, Songwon (right).

ULSAN, KOREA: Songwon Industrial Group said it has formed a joint venture with Qingdao Long Fortune Chemical & Auxiliary Co Ltd (QLF) for production and sale of its one pack systems (OPS) and the sale of polymer stabilizers in China, one of the world’s largest and fastest growing polymer markets.

The JV, based in Qingdao area, Eastern China, will invest in a state-of-the-art OPS plant, located in Pingdu county industrial park. Construction of the plant is estimated to start at the end of second quarter, 2015 and is expected to be fully operational by the end of first quarter, 2016.

The establishment of a manufacturing facility that provides customers with innovative additive formulations in customized, dust free and easy disposable product forms, positions the JV to become a preferred supplier to the polymer industry in China.

‘The partnership provides an excellent opportunity for us to build a manufacturing presence in China and further strengthens Songwon’s ambition to become a leading polymer stabilizer supplier in this important region,” said Jongho Park, chairman and CEO, Songwon.

“We are excited to partner with a leading global player to complement our extensive experience in the Chinese polymer industry. Our joint venture brings promising opportunities for growth and we are confident that it will also generate attractive returns,” said Feng Huang, general Manager, QLF.

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